The first day of the conference concentrated on the historical development of the Brazilian reinsurance market and its opening to private and foreign competition, as well as the current regulatory and legal framework governing reinsurance activities in the country. Much of the discussion centered upon legal and regulatory hurdles in the market, including the absence of specific guidance on a number of key issues, including the enforceability of several common reinsurance contract terms and conditions. In the end, the Brazilian reinsurance market remains a tremendous potential opportunity, but also a complicated and difficult jurisdiction to navigate without skilled legal counsel and experienced reinsurance personnel with an appreciation of the local culture, regulatory structure and business environment.
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